Green Thumb Industries Acquires GreenStar Herbals, Inc., eyes Expansion of Retail Dispensaries in Massachusetts
With the acquisition of GreenStar Herbals Inc., Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) has now expanded its retail locations in Massachusetts. With this acquisition, Green Thumb gets two existing adult-use cannabis dispensaries along with another one coming up later this year.
About Green Thumb Industries
One of the masters of cannabis products, Green Thumb Industries has been in the market since 2014. The company manufactures and distributes cannabis products through its retail stores across 14 markets of the United States of America.
It has 3,000 employees working in different departments. All the operations are centrally supervised from the headquarters in Chicago, Illinois.
The number of U.S. markets where the company operates is 14. It has 114 retail locations with all of them holding a valid license from the relevant authorities. Green Thumb Industries meets the demand of its huge customer base by manufacturing the products at 16 different facilities.
The product list of the company includes brands like Dogwalkers, Rhythm, The Feel Collection, Beboe, and Dr. Solomon’s. All its branded products are sold through its retail store called Rise Dispensaries.
As per the estimates, the company serves more than 1,000 customers and patients daily. It achieves this target by promoting the importance of well-being among the community members.
About The Green Thumb Industries Acquisition
GreenStar Herbals Inc. is a known face of Massachusetts. It operates two adult-use cannabis retail stores. One is located at Dracut and another is located at Maynard.
The acquisition agreement, upon meeting all the considerations, gives Green Thumb Industries the right on both the retail stores. Additionally, Green Thumb Industries would acquire the third yet-to-be opened retail store. The third retail store is expected to open by the end of 2021.
The location of the third retail store would be near Logan International Airport and the Encore Casino. Key representatives of both companies are happy about the acquisition.
Ben Kovler, the Founder and Chief Executive Officer of Green Thumb Industries expressed his excitement by saying that the expansion would support the increased capacity of the company. He further highlighted that the acquisition was in line with the company’s strategy of Enter, Open, and Scale.
Thomas Morey, the Chief Executive Officer of GreenStar Herbal Inc, said, ““We are thrilled to partner with Green Thumb and to continue providing Massachusetts consumers with the highest quality and most diversified cannabis product offerings, along with a premiere in-store retail experience.”
When asked what made Green Thumb Industries the right partner of GreenStar Herbal Inc, he answered that the values, vision, and emphasis on the well-being of the community by Green Thumb Industries made it the right partner for GreenStar Herbal Inc.
Green Thumb Industries is currently producing its products in the Commonwealth. It has two facilities on the operational status that take care of the cultivation and production of its products. These facilities are located in Clinton and Holyoke.
The cannabis market of Massachusetts is larger than anyone can expect. The numbers speak for themselves. According to data made available by the state’s Cannabis Control Commission, the recreational cannabis market of Massachusetts has seen the sale of products worth $1.5 billion since 2018.
The current figures are much more appealing. The average of daily sales in 2021 till now has been recorded to be $3 million. The total sales have touched the mark of $755 million in 2021 till now.
The Cannabis Control Commission has predicted that the sale of cannabis products by the end of 2021 will either cross or touch the mark of $1.2 billion.
From earning $1.5 billion in 3 years to earning $1.2 billion in one year, the recreational cannabis market of Massachusetts has surely shown its potential.